Prominent Palm Beach County developer Daniel Catalufmo lost a $40.9 million judgment to BankAtlantic.
The Fort Lauderdale-based bank (NYSE: BBX) won the judgment against Catalfumo, PGA Flyover Corporate Park and PGA Transportation Oriented Development over $27.5 million in loans, plus interest. The lawsuit, in Broward County Circuit Court, was to enforce a loan guarantee by Catalfumo and not a foreclosure against the collateral properties in Palm Beach Gardens.
The properties securing the loan are the 200,000-square-foot office building at 4290 Design Center Drive and a vacant, commercial-zoned 5.5-acre site at 11200 RCA Center Drive. BankAtlantic has not taken legal action over them. Instead, the court required Catalfumo to fill out an information sheet, listing his assets that could be available to pay the judgment.
Catalfumo is the CEO of Palm Beach Gardens-based general contractor Catalfumo Construction and Development.
This appears to be the largest in a recent string of legal problems for Catalfumo. Seacoast National Bank won a $32.6 million foreclosure judgment against Catalfumo over another site in Palm Beach Gardens. That property was later sold to Florida Power & Light Co. for $24 million, but that did not release the judgment. Catalfumo appealed the Seacoast judgment.
Catalfumo is also facing foreclosure lawsuits from Iberiabank and a commercial mortgage-backed securities (CMBS) fund over other properties.
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